Press Release

Public Bank, Public Finance and ING Seal 10-Year Strategic Alliance

2 Players aim to be one of the leading bancassurance participants in the HK market

Hong Kong, Nov 22, 2007 ¡V A 10-year strategic alliance between Public Bank (Hong Kong) Limited ("Public Bank Hong Kong"), Public Finance Limited ("Public Finance") and ING Life Insurance Company ("ING Life") to tap long term business opportunities, was sealed to jointly develop the bancassurance business in Hong Kong. Public Bank Hong Kong and Public Finance has each entered into a distribution agreement with ING Life in Hong Kong. Public Bank Hong Kong and Public Finance are subsidiaries of Public Bank Berhad, Malaysia's second largest bank by market capitalization. ING Life is one of the leading insurance companies in Hong Kong.

A regional strategic alliance was signed between Public Bank Berhad and ING Asia/Pacific in Kuala Lumpur earlier on November 7, 2007, to jointly develop the bancassurance business, Takaful business and various other services such as wealth management and joint promotional activities in the Asia Pacific Region. Public Bank Berhad will complement ING's footprint in 12 existing Asia Pacific markets through the Bank's regional expansion.

During the signing ceremony in Hong Kong on November 21, 2007, the alliance agreement was formalized between Public Bank Hong Kong, Public Finance and ING Life, who were represented by Mr Tan Yoke Kong, Chief Executive/Executive Director, Public Bank Hong Kong, Mr Lee Huat Oon, General Manager/Chief Executive, Public Finance and Mr M.K. Cheng, Country Manager, HK/Macau respectively. The signing ceremony was witnessed by Tan Sri Dato' Sri Dr Teh Hong Piow, the Founder and Chairman of Public Bank Group and Mr Jacques Kemp, the Chief Executive Officer of ING Insurance Asia/Pacific.

The alliance will see Public Bank Hong Kong and Public Finance distributing ING's life and health insurance products on a preferred basis in Hong Kong effective January 1, 2008.

During the ceremony, Mr Tan Yoke Kong noted, "This strategic alliance will enable the Bank and Public Finance to leverage on ING's extensive experience in life insurance and wealth management. This is valuable to Public Bank and Public Finance in Hong Kong as the Public Bank Group transforms into a fully integrated financial institution, providing a wider range of financial solutions to our customers from banking, to investment and protection products and services."

He also highlighted that the strategic alliance will benefit the Bank and its shareholders as the cost of capital or bank capital required of this venture is very low with the Bank effectively maximizing its inherent assets such as its customer base and wide distribution infrastructure to generate more fee-based activities. For the Bank's customers, savings in the cost of doing business will be passed back to the customers in the form of more competitive insurance premiums and better customer benefits.

Mr. M.K. Cheng said, "The strategic alliance we are forging today, between a leading financial group and an insurance giant to effectively tap vast prospects in Hong Kong is extremely timely. We bring to the table our expertise in banking, insurance and asset management. Our role in the partnership is to bring innovative financial solutions to add value to customers and consumers; enhance new business opportunities and to gain competitive leverage in an increasingly dynamic environment for both institutions across the Hong Kong region."

According to Mr. Cheng, "We are delighted with the opportunity to team up with a premier household financial brand like the Public Bank Group. Our two brands are very similar: friendly, energetic and dynamic. They are distinctive, yet we complement each other as we have very strong shared beliefs on having product innovation and delivering simple, efficient and cost effective solutions to our customers to help them manage their wealth and make their financial future easier. This is an exciting time for us as this strategic move allows ING to tap into market segments not captured by the traditional insurance sales force, given Public Bank Hong Kong's and Public Finance's reach in the Hong Kong market place."

Public Bank Hong Kong and Public Finance will distribute ING's insurance products via their multiple marketing channels of branches, insurance specialists and telemarketers, to account holders including small and medium-sized industries (SMI) and corporate clients.

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